glennmercer
Long

EURGBP EW Count: Triangle to Wave-5

FX:EURGBP   Euro Fx/British Pound
2 months ago
After a strong impulse following an expanding triangle (see related idea), EURGBP             has completed 3 waves of a possible 5 wave impulse to complete the combo wave. Triangles almost always occur in positions prior to the final impulse wave in the pattern of one larger degree, in the case 4 of 5. There could always be a further continuation sideways or a deeper correction toward wave 1, so it's important to be reactionary to price action. This idea was published after a bullish impulse on a smaller TF at an area where I expected one to occur, so this is a good opportunity to enter with a tight stop loss. Happy Trading!
2 months ago
Trade active
2 months ago
Trade closed manually: I'm closing this trade at +5 pips. I did not see the impulse I was looking for, and a sideways correction could mean another dip down before continuation up. Quick small win, looking for a large win after I see another bullish impulse.

Will update in the AM

snapshot
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Hanu727
2 months ago
Hi Glen, What's your SL set at for this EG long trade?

Thanks
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glennmercer PRO Hanu727
2 months ago
Hi Hanu, it's on the chart: .8473
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Hanu727 glennmercer
2 months ago
Thanks bud
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Hanu727 glennmercer
2 months ago
I'm also active at .8484. Good luck!
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glennmercer PRO Hanu727
2 months ago
Hanu, I'm taking the conservative approach here. Exiting and waiting for another bullish impulse.
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Hanu727 glennmercer
2 months ago
Yeah I was a bit weary as well on this long. Good call
Reply
ForexHB
2 months ago
Great analysis. Thanks.
Reply
glennmercer PRO ForexHB
2 months ago
My pleasure, thanks
Reply
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